(RTTNews) - Wednesday, information management solutions developer CommVault Systems, Inc. (CVLT: News ) reported profit for its second quarter that came in flat with the year-ago period, due to higher stock based compensation expenses, notwithstanding a 5% revenue growth. Quarterly adjusted earnings, however, came in ahead of Street estimate by a penny.

The Oceanport, New Jersey-based company reported net income for the second quarter of $4.72 million or $0.11 per share, compared to $4.73 million or $0.11 per share in the year-ago quarter.

Net income for the quarter included a noncash stock-based compensation of 4.7 million and FICA expense on stock option exercises and vesting on restricted stock awards of $103 thousand. In the year-ago quarter, the special items totaled about $2.71 million.

Excluding items, the company recorded non-GAAP net income of $7.75 million or $0.17 per share, compared to $7.69 million or $0.17 million for the same quarter last year.

On average, sixteen analysts polled by Thomson Reuters expected the company to earn $0.16 per share for the quarter. Analysts estimates typically exclude special items.

Income from operations was $6.5 million for the second quarter, a 15% decrease from $7.7 million in the same period of the prior year. Non-GAAP income from operations increased 9% to $11.3 million in the second quarter of fiscal 2010 compared to $10.4 million in the second quarter of the prior year.

Revenues for the quarter increased 5% to $66.65 million from $63.34 million in the prior-year quarter. Sixteen analysts had a revenue consensus of $62.65 million for the second quarter.
Software revenue in the second quarter of fiscal 2010 was $33.52 million, a decrease of 5% over last year, while Services revenue in the second quarter of fiscal 2010 increased 18% to $33.13 million year-over-year.

For the six-month period, the company's net income was $7.15 million or $0.16 per share, compared to $8.21 million or $0.18 per share in the similar period of last year.

Non-GAAP net income for the first half of fiscal 2010 grew to $14.16 million or $0.32 per share from $13.15 million or $0.29 per share in year-ago period.

Total revenue for the period increased to $126.90 million from $118.33 million in the prior-year period.

CVLT is currently trading at $20.10, down $0.22 or 1.08% on a volume of 423,021 shares.

To receive FREE breaking news email alerts for CommVault Systems, Inc. and others in your portfolio

by RTT Staff Writer

For comments and feedback: contact editorial@rttnews.com